The Central Bank has changed the scope and deadlines of the Summary Foreign Currency Position Report obligation applying to legal persons with loan balances of TRY 5 million or more at banks.
The Central Bank of the Republic of Türkiye has made certain changes to the scope and deadlines of the Summary Foreign Currency Position Report obligation applying to legal persons with loan balances of TRY 5 million or more at banks.
The Central Bank sent an information letter to bank head offices dated 12 April 2023, reference E-TCMB.80372040-010.07.01-731, on the subject “Summary Foreign Currency Position Report”.
Following the feedback received in relation to the Summary Foreign Currency Position Report obligation, the letter makes the following changes to the scope and deadlines of that reporting in order to ease the transition:
1) Companies located in the earthquake provinces where a state of emergency was declared are exempt from the reporting obligation for the duration of the state of emergency.
2) The lower threshold of total cash and non-cash loan balances at all domestic banks, used to determine the companies within the scope of the reporting obligation, has been raised from TRY 5 million to TRY 10 million.
3) The deadline for the monthly summary foreign currency position report has been changed from “the first 10 business days of the following month” to “the last day of the following month”. In addition:
The reporting obligation for companies with total cash and non-cash loan balances at all domestic banks of between TRY 10 million and TRY 50 million has been postponed to begin with the report for January 2024.
For companies with total cash and non-cash loan balances at all domestic banks of TRY 50 million or more, the final deadline for the reports for March and April 2023 has been extended to 30 June 2023.